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Egg [Now Canada Square Operations plc] LOAN - PPI SUCCESS

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Just thought I'd flag this as another success, received a cheque for 1869 quid.



Here's the story:


About 6 years ago I had been an Egg card customer for a couple of years and we needed to replace some old wooden windows and have some decorating done.


The lot was going to come to about 16 grand, Egg had a good loan rate on at the time so I decided to approach them.


I thought it better to do it by phone so I could fully explain my finances and what I wanted the money for.


Was on the phone with an underwriter for about 40 minutes going through everything, she gave me the monthly cost over 5 years which was about 340 quid a month which was fine with protection and I didn't twig at the time this really should have been optional but I thought I better take it otherwise she may not approve the loan (that was certainly how it sounded)


Anyway we completed the call and she indicated she had authorised the payment of the amount into my account and it should appear next day.


Sure enough there it was, there was about 4 grand on top for the premium which was paid to Norwich Union.


As the months went on I began to think 'surely the amount owed would go down quicker if I got rid of the PPI'.


I let it run for about 12 months so Egg could see there was no issues with the repayments, but then I sent them a message asking for it to be cancelled as I wanted more of the payment to go against paying off the loan amount.


They agreed.


I thought no more about it until last year when I was nearly made redundant but thankfully that didn't happen but I did go from shifts to office hours (I was paid a shift allowance and the union agreed a lump sum mitigation payment to allow us to adjust to being without it)


While all this was going on I received a letter from Egg indicating the loan was being sold to Brittanica-Moorgate and would be serviced by Moorgate Loan Servicing.


A bit of research unconvered a complex web of companies, some of whom operated out of Luxembourg.


I received the lump sum from my employer in my July pay and decided to get rid of what remained of the loan with it as the company was also referred to as Brittanica-Moorgate recoveries (I had not missed a single payment on any financial commitment and did not want my bank getting spooked by this as I know from friends that have had financial trouble that debts are usually sold to recovery firms)


I rang and got a settlement figure and the account details I needed to make the payment then rang my bank to do the transfer (as it was nearly 5 grand I didn't want anything to go wrong)


Bank did the payment and I rang Moorgate back to confirm the money should now be in their account.


They said they would issue a letter indicating the loan had been settled (had to chase this a couple of times but it did come eventually) and thought no more about it.


After hearing Martin Lewis talking about PPI I did wonder a couple of times whether I should look into it but as the loan had been sold on and I didn't think Egg Banking plc still existed I didn't think I'd get anywhere as I didn't know what company would now be responsible.


Around August I got a letter from Canada Square Operations plc (letterhead indicated it was formerly Egg Banking plc) stating they were now responsible for the PPI sold by Egg and they enclosed a claim form.


I let it sit there for a couple of weeks and then filled it in and sent it back


Two weeks later got a letter confirming receipt.


Three weeks later another saying it was being investigated.


Another few weeks later got a letter saying the complaint had been upheld and offering me the settlement figure above, signed the form and sent it back, cheque arrived last week, sent it to my bank and it was showing on my account last Friday, just leaving it to clear now.

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